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Starting in 2024, unused 529 funds can be rolled into a Roth IRA tax-free, thanks to the SECURE 2.0 Act, giving families more flexibility with college savings.
Thanks to new rules set out in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act of 2022, unused 529 funds can be transferred to the 529 beneficiary’s Roth IRA account.
This 'wealth transfer' to the grandkids makes things a little complicated. My wife and I saved up $73,000 in 529 college savings plans for our kids — then their grandma generously paid for ...
The 529 education savings plan is getting a lot more interesting in 2024. Starting this year, unused money in a 529 plan can be converted into a Roth IRA, eliminating one of the major defects in ...
Section 126 of the bill amends the Internal Revenue Code so that beneficiaries of 529 plans can roll over funds from their 529 accounts to Roth IRAs tax and penalty free, effective for ...
To take advantage of this new option, families with 529 plans must adhere to the following rules: The 529 plan must be open for at least 15 years before attempting the 529-to-Roth rollover.
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